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Acquisitions Mergers

KPRX

Kiora Pharmaceuticals, Inc. (NASDAQ:KPRX) shares surged after announcing a private placement of up to $45 million and an exclusive license and development agreement with Théa Open Innovation SAS. The deal includes an upfront payment of $16 million to Kiora, potential milestone payments of up to $285 million, and tiered royalties on net sales. Additionally, Kiora will issue 15,800,000 shares and warrants to institutional investors for approximately $15 million, with potential future proceeds of $30 million from warrant exercises. KPRX's stock is currently trading above its 200-day moving average, indicating a bullish signal.

Portfolio Pulse from Erica Kollmann

February 01, 2024 | 4:57 pm

CAH

Cardinal Health Inc (NYSE:CAH) reported a 38% Y/Y increase in Q2 FY24 adjusted EPS to $1.82, surpassing consensus estimates. Sales rose 12% to $57.45 billion, also beating expectations. The pharmaceutical segment saw a 12% increase, while the Medical segment grew by 3%. Cardinal Health announced the acquisition of Specialty Networks for $1.2 billion, aiming to expand its specialty therapeutic areas. The company raised its FY24 adjusted EPS guidance and forecasts sales growth in its Pharmaceutical and Specialty Solutions and GMPD segments. Despite the positive report, CAH shares dropped 4.30% to $104.49.

Portfolio Pulse from Vandana Singh

February 01, 2024 | 4:52 pm

NSC

Norfolk Southern shares are trading higher after a Wall Street Journal report revealed that an Ancora-led investor group has acquired a $1 billion stake in the company. The group intends to change the board and CEO to potentially improve the company's performance and direction.

Portfolio Pulse from Benzinga Newsdesk

February 01, 2024 | 4:14 pm

HARP

MRK

Merck & Co Inc (NYSE:MRK) reported a surprise Q4 2023 profit with sales of $14.63 billion, up 6% Y/Y, driven by oncology, vaccines, and hospital acute care. Keytruda sales rose 21% to $6.61 billion, while Lagevrio sales dropped 77%. Adjusted EPS was $0.03, beating consensus. The company forecasts 2024 sales of $62.7 billion-$64.2 billion and adjusted EPS of $8.44-$8.59. Merck also announced the acquisition of Harpoon Therapeutics Inc (NASDAQ:HARP), expected to close in H1 2024.

Portfolio Pulse from Vandana Singh

February 01, 2024 | 3:43 pm

BALL

Ball Corp (NYSE:BALL) reported a Q4 fiscal 2023 net sales decline of 4.1% Y/Y to $3.40 billion, missing consensus estimates. Despite this, comparable operating earnings increased by 58% Y/Y to $425 million, and adjusted EPS rose to $0.78 from $0.44, beating consensus. The decline in sales was attributed to disruptions in a U.S. mass beer brand, affecting the Beverage packaging, North and Central America segment. BALL announced plans to halt production at its Kent, Washington facility to align supply with demand. The company expects volume recovery and cost management improvements in 2024, aiming for EPS growth and strong free cash flow generation. BALL shares dropped 1.23% to $51.50.

Portfolio Pulse from Akanksha Bakshi

February 01, 2024 | 3:35 pm

BV

EverSmith Brands has acquired U.S. Lawns from BrightView Holdings. The financial terms of the deal were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

February 01, 2024 | 3:04 pm

PMNT

Perfect Moment Ltd (NASDAQ:PMNT) is set to begin trading on NASDAQ on February 2, with an IPO price range of $6.00 to $7.00 per share. The company, a luxury lifestyle brand known for its fashion-forward skiwear, outerwear, swimwear, and activewear, will have an insider lock-up period ending on July 31, 2024.

Portfolio Pulse from Benzinga Insights

February 01, 2024 | 3:00 pm

ANRO

Alto Neuroscience, Inc (ANRO) is set to IPO on February 2nd on the NYSE, offering shares between $14.00 and $16.00 with a 180-day insider lock-up period ending July 31, 2024. The company focuses on developing personalized psychiatric treatments through neurobiology research.

Portfolio Pulse from Benzinga Insights

February 01, 2024 | 3:00 pm

GUTS

Fractyl Health, Inc (NASDAQ:GUTS) is set to begin trading on NASDAQ under the ticker GUTS on February 2, with an IPO price range of $14.00 to $16.00 per share. The company, specializing in metabolic therapeutics for diseases like type 2 diabetes and obesity, has a 180-day insider lock-up period ending on July 31, 2024.

Portfolio Pulse from Benzinga Insights

February 01, 2024 | 3:00 pm

DB

Deutsche Bank AG (NYSE:DB) announced it will cut 3,500 jobs, primarily in back-office roles, as part of an efficiency drive. This move, representing about 4% of its global workforce, is accompanied by plans for share buybacks and dividends. The bank aims to reassure investors of its recovery, focusing more on its retail division, which has been the main revenue driver since 2023. Despite exceeding Q4 expectations, Deutsche Bank faces challenges, including regulatory scrutiny and a potentially difficult 2024 due to anticipated interest rate cuts.

Portfolio Pulse from Benzinga Neuro

February 01, 2024 | 2:54 pm